May 6 2013
VMS Ventures Inc. ("VMS Ventures" or the "Company") is updating shareholders on the progress being made at the Reed Copper Project, near Flin Flon Manitoba.
Wednesday the Company's joint venture partner on the Reed Copper Project, HudBay Minerals Inc. (TSX:HBM)(NYSE:HBM), reported the following update on progress being made towards construction of the mine:
"During the first quarter, Hudbay's focus for its 70% owned Reed copper project near Flin Flon, Manitoba was advancing the underground ramp and sinking the escape and ventilation raises from surface. Of Hudbay's $72 million capital construction budget, the company has invested approximately $37 million on the project to March 31, 2013 and has entered into an additional $13 million in commitments. Capital expenditures at Reed are expected to total approximately $44 million in 2013.
After completing the first portal development round in October 2012, the underground ramp had advanced approximately 363 metres as of March 31, 2013. In March 2013, Hudbay was able to start hauling waste from underground via haul trucks, which is expected to reduce cycle times and improve the rate of ramp development."
Neil Richardson, VMS Ventures' COO states: "We are very pleased with the progress being made at Reed and in particular the efforts being made to keep the project within budget. The project team is doing an excellent job in overcoming the challenges that accompany a project like this and in particular at the early phases of the development."